Biggest Movers: Near Surges by Over 25% on News of an Upcoming Stablecoin

NEAR rallied by implicit 25% connected Friday, arsenic speculation grew that Near Protocol was acceptable to make a rival stablecoin to Terra’s UST. LUNA fell connected the news, arsenic Terra labs plans to acquisition astir $100 cardinal worthy of AVAX, successful bid to fortify its ain reserves.

Near Protocol (NEAR)

NEAR was the biggest gainer during today’s session, climbing by implicit 25%, arsenic traders reacted to 2 caller cardinal developments.

The terms surge began yesterday, aft it was announced that NEAR had raised $350M successful backing from the likes of Tiger Global and FTX Ventures.

This quality saw NEAR/USD extremity 2 consecutive sessions of declines, and successful crook rally to caller absorption of $17.50.

NEAR/USD – Daily Chart

Friday’s high, which broke this ceiling, came aft speculation grew that Near Protocol would beryllium utilizing this backing to make a stablecoin that would rival the likes of Terra.

Looking astatine the chart, today’s determination saw NEAR deed an intraday precocious of $19.64, which is astir 26% higher than Thursday’s top.

Today’s surge pushed prices to their highest level since January 17, and comes and the 14-day RSI present sits successful overbought territory.

If past were to repetition itself, galore volition beryllium waiting for a terms reversal, however, bulls whitethorn beryllium reluctant to springiness up existent gains, and support their positions.

Terra (LUNA)

Despite Terra’s plans to buy $100 cardinal worthy of AVAX, terra (LUNA) was trading little today, falling for a 4th consecutive day.

As of penning this, LUNA/USD fell to an intraday debased of $98.02 during Friday’s session, which is its lowest constituent since March 29.

The driblet successful terms came arsenic LUNA’s enactment level of $101.20 was broken, which past led bears to heap connected the unit connected remaining bulls.

LUNA/USD – Daily Chart

As seen connected March 12, this existent level beneath $100 is an country wherever bearish sentiment is heightened, which could mean terms could beryllium acceptable to autumn further.

One affirmative for bulls is that the 14-day RSI indicator is presently sitting astatine 49.99, which is its lowest constituent successful implicit 3 months.

Should this level clasp steady, we whitethorn spot a reversal successful prices, and the interaction of Terra strengthening its reserves could yet amusement it the terms of its token.

Will LUNA autumn this weekend, contempt Terra’s caller announcement? Let america cognize your thoughts successful the comments.

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